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13.08.2024

U.S. PPI rises less than expected in July

The Labor Department announced on Tuesday the U.S. producer-price index (PPI) edged up 0.1 per cent m-o-m in July, following an unrevised 0.2 per cent m-o-m advance in June. 

For the 12 months through July, the PPI increased by 2.2 per cent, sharply decelerating from an upwardly revised 2.7 per cent surge (from +2.6 per cent) in the previous month. This marked the weakest annual gain in four months.

Economists had expected the headline PPI would gain 0.2 per cent m-o-m and 2.3 per cent over the past 12 months.

According to the report, the July increase in the headline index was due to a 0.6-per cent m-o-m climb in the index for final demand goods. Meanwhile, the index for final demand services slipped 0.2 per cent m-o-m.

Excluding volatile prices for food and energy, the PPI was unchanged m-o-m and jumped 2.4 per cent over 12 months, registering its softest annual rise since March (+2.1 per cent y-o-y). Economists had forecast gains of 0.2 per cent m-o-m and 2.7 per cent y-o-y for July. In June, the core PPI showed a 0.3 per cent m-o-m increase (revised from +0.4 per cent m-o-m in the initial estimate) and a 3.0 per cent y-o-y soar.

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